According to the announcement, the factory has total investment capital of US$24.6 million and construction is expected to start in March, 2018.

The plant is planned to be built on an area of 2.08ha in Thái Bình Province’s Tiền Hải Industrial Park and is designed to meet growing demand for airbags, as safety regulations become more stringent in regions around the world.

The new plant will be established as a branch plant of Toyoda Gosei’s subsidiary Toyoda Gosei Hải Phòng Co., Ltd. (TGHP), and will start production of airbag parts and steering wheels in July 2019 for export to final airbag assembly plants in Japan, North America, Europe and other regions.

In 2004, Toyoda Gosei established the first plant to manufacture airbag parts in Hải Phòng City with investment capital of $74.95 million. To date, Toyoda Gosei has three plants in operation in Hải Phòng’s Nomura Industrial Zone.

In 2016, the plants’ production capacity was 14.5 million airbag parts and 2.2 million steering wheels. The company targets to increase these figures to 23 million airbag parts and 3.2 million steering wheels by 2023.

Established in 1949 and headquartered in Kiyosu, Japan, Toyoda Gosei is a leading specialty manufacturer of rubber and plastic automotive parts and LEDs. Today, Toyoda Gosei Group provides a variety of high-quality products internationally, with a network of some 100 plants and offices in 18 countries and regions.

Airbags and other safety system products are a key business segment for Toyoda Gosei and the company is moving to strengthen its production capacities for these products globally.